by THO
Mumbai real estate market reported over 1.41 lakh property registrations in 2024 is expected to grow steadily in 2025, according to experts. However, according to the property registration data, western suburbs and central suburbs remain the most sought-after areas for buying an apartment in the Mumbai real estate market, data from Knight Frank India, a real estate consultancy, reveals.
Apart from Mumbai, there are several areas in satellite cities and towns near Mumbai where homebuyers prefer to purchase their dream home.
Below are the five most sought areas for buying an apartment in the Mumbai Metropolitan Region in 2025
1) Western suburbs of Mumbai
In December 2024, the western suburbs’ market share of property registrations remained at 53%. Knight Frank India data reveals that out of the over 12,000 properties registered in December 2024, more than half were in the western suburbs.
According to real estate experts, areas like Borivali, Kandivali, Malad Goregaon, and Dahisar contribute significantly to property registrations in Mumbai’s western suburbs. A first-time home-buyer can afford a 1 BHK apartment for around ₹1 crore to ₹1.50 crore in these localities.
Also Read: Real estate outlook: Should you rent or buy property in 2025?
2 Central suburbs
Central suburbs include areas like Mulund, Bhandup, Vikhroli, Kanjurmarg and Ghatkopar, where many first-time homebuyers prefer to invest. In December 2024, 33% of the total properties registered in Mumbai were from Central suburbs, Knight Frank India data reveals.
Residential properties are available in the western and central suburbs of Mumbai for ₹20,000 to ₹50,000 per sq ft, and the rental values for a 2 BHK apartment vary between ₹35,000 per month and ₹70,000, according to local brokers.
3 Thane
Property consultants say Thane, a satellite city near Mumbai, has become a premium MMR location.
“Several premium projects have prices higher than that of suburban Mumbai. This is the reason why homebuyers looking to purchase a house in MMR should consider Thane. It has the social infrastructure, Metro connectivity and everything that is required, and it enables homebuyers to purchase a decent compact 2 BHK apartment under ₹1 crore bracket,” Dhiven Patil, a real estate consultant from Thane, said.
According to Patil, Thane’s residential property prices rose from ₹1,000 per sq ft to ₹25,000 per sq ft for premium projects in 2025. However, the average pricing for Thane is between ₹15,000 and ₹17,000 per sq ft.
4 Navi Mumbai
The Navi Mumbai real estate market has doubled property prices in several areas, including Ulwe, Dronagiri, and New Panvel. This is due to the infrastructure push with projects like Atal Setu, which connects Navi Mumbai with South Mumbai and the Navi Mumbai International Airport (NMIA).
The NMIA is expected to become operational before the 2025 monsoon, and a trial landing for it was conducted earlier this week.
According to property consultants, areas like Ulwe, Dronagiri, Panvel, and Kharghar are seeing maximum demand when it comes to purchasing apartments.
Local brokers said the property prices in these areas range between ₹10,000 per sq ft and ₹20,000 per sq ft, and the renal value for a 2 BHK is between ₹20,000 and ₹50,000 on the maximum.
Also Read: Real estate sector faces challenges amid declining home sales and high prices
5 Vasai Virar
Along with constructing the Mumbai-Ahmedabad bullet train, upcoming Metro lines, and coastal road, the Vasai and Virar belt is expected to see improved connectivity in Mumbai, resulting in increased traction in residential sales in 2025.
“The Vasai and Virar belt currently only has one option of travelling to Mumbai with the help of suburban local train; however, in coming years, Metro rail and coastal road are going to open a lot of land parcels in the belt. Due to this, developers and investors are hoping for good returns. However, homebuyers should purchase in Vasai or Virar in the next two years to avoid property prices skyrocketing in a later stage,” Anand Thakur, a real estate consultant from Virar, told HT.com
The per sq ft price in Vasai and Virar belt is around ₹10,000 per sq ft and rent for a 2 BHK apartment ranges from ₹10,000 to ₹20,000, local brokers said.
